GRC special report: compliance costs

Sector faces compounded compliance costs

grc0612costs

The financial sector faces a regulatory upheaval of unprecedented scope and scale. As well as reforms aimed at preventing a recurrence of the 2008 financial crisis, there are other laws – such as the UK Bribery Act, the US Foreign Account Tax Compliance Act (Fatca) and the UK Financial Services Authority’s (FSA) Retail Distribution Review (RDR) – with other roots that are coming into force over roughly the same period.

Assessments of the costs of these changes normally fall into three categories

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